Business set-up for sole-proprietor/partnership
Business Introduction
A Sole Proprietor / Partnership is the most simple business entity for entry level entrepreneurs in Singapore. It is easy to setup and owners do not have to worry about the ongoing statutory compliance from government bodies apart from the annual business license renewal.
Given its leverage in low setup cost and maintenance fee compared to other business entities in Singapore, Sole Proprietor / Partnership has its significant disadvantages too. Some of the major concerns pertaining to these business structures are the unlimited liabilities which in some cases will lead to bankruptcy of the owners when they are unable to pay off the business debts. The main reason being so is that it is not considered a separate legal entity in Singapore and the owners are personally accountable for all the liabilities incurred during the course of the business. Thus, it’s not recommended for business with high credit risk nature.
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Minimum Requirements
- Owner/Partner must be at least 18 years of age
- Registered Address
- 1 Appointed Local Manager
| Setting up of business | Price (SGD$) |
|---|---|
| 1 Owner / 2 Partners | $288 |
| Additional Local Partner | $30/pax |
| Additional Foreign Partner | $50/pax |
- Minimum 2 Proposed Business Name (In Order of Preference)
- Courier address (For billing and courier of Business documents)
- Description of Business Principal Activity (Maximum 2)
- Colored image of Owner's NRIC (Front & Back), contact number and email address
- Profit Allocations for Partners
- Colored image of Authorised Representative’s NRIC (Front & Back), contact number and email address
- Minimum 2 Proposed Business Name (In Order of Preference)
- Courier address (For billing and courier of Business documents)
- Description of Business Principal Activity (Maximum 2)
- Profit Allocations for Partners
- Colored image of Foreign Owners’ ID (Front & Back), contact number, overseas residential address and email
- Proof of Address (E.g Latest Telephone / Utility Bill) of all foreign Owners
